What is Product Intelligence?
At Crobox, we use product data to inform omnichannel campaigns and optimize digital merchandising. This is one of our key concepts. So what is it all about?
Product intelligence is detailed and actionable insights about your products and how your customers interact with them.
Every product has different attributes and behavioral characteristics. Every person has different reasons to buy one product over another. Product Intelligence is about understanding what your customers look for and like about your products. It can be used to learn what motivates your customers to purchase the products they do.
Product Intelligence gives you detailed information about how your customers interact with your products online. It helps you uncover what products are in demand as well as what attributes make them so appealing. These insights into your products and the customers behind them are actionable and can be applied omnichannel.
Crobox’s Product Intelligence dashboard gives you longitudinal trend insight into:
- Product Engagement: This includes metrics such as the number of times a product has been clicked, added to cart, and bought.
- Interest: Including how many shoppers have landed directly on the page as well as the number of detail page views.
- Performance Indicators: Including the intention to buy (ratio of product views to add-to-carts), cart abandonment (times the product was left in the cart without purchasing), and the purchase rate (percentage the product was added to cart and bought).
- Value Indicators: Including the total revenue earned from the product, the average price sold, and the average sold per order.
- Behavioral performance: Including an overview of your best-performing messages.